The Statistics Department of the Central Bank of Cyprus has today released the statistics on interest rates applied by monetary financial institutions in Cyprus on deposits and loans in euro for the reference month of May 2016. These statistics are presented in Tables 7, 8, 9 and 10 of the June 2016 edition of Monetary and Financial Statistics.

The main developments in interest rates on new loan and deposit contracts, including existing contracts which were renegotiated, are summarised as follows:

Deposit Rates

The interest rate on deposits from households with an agreed maturity of up to one year decreased to 1,49%, compared with 1,58% in the previous month.

The corresponding interest rate on deposits from non-financial corporations also recorded a decline to 1,34%, compared with 1,51% in the previous month.

Lending Rates

The interest rate on consumer credit increased to 4,49%, compared with 4,36% in the previous month.

The interest rate on loans for house purchase fell to 3,09%, compared with 3,13% in the previous month.

The interest rate on loans to non-financial corporations for amounts up to €1 million decreased marginally to 4,12%, compared with 4,14% in the previous month. In parallel, the interest rate on loans to non-financial corporations for amounts over €1 million registered a decline to 3,84%, compared with 4,61% in the previous month.

The Central Bank of Cyprus (CBC) was established in 1963, shortly after Cyprus gained its independence, in accordance with the Central Bank of Cyprus Law, 1963 and the relevant articles of the Constitution. Today the CBC is governed by the Central Bank of Cyprus Law, 2002 as amended (hereafter “the CBC Law”).